FXTM Review: bar a few trade strictures, this broker offers typical features like demo accounts, good spread, pips, and support.
It is one of the best go-to platforms for grooming the traders’ skills on a free demo. Often the first signs of good faith while choosing a broker are the vouchers (all the regulatory papers and endorsement by a broad community), Customer Support, and free demos.
FXTM ups the scale a bit, providing more options and benefits than the basic features could afford. Although the company is not without its downsides, its pros far outweigh the cons. Our FXTM Review concisely explains these points in this article. Read on below for details.
FXTM Review: Overview
About the company
Regulated across many countries and e-commerce societies, the FXTM trading brand is currently the favorite of over two million (2,000,000) users as a reliable online broker. The parent company is Exinity, operating out of 11th Floor, Maeva Tower, Silicon Avenue, Cybercity, Ebene, 72201, Republic of Mauritius.
Below is an FXTM description from the site.
FXTM is an international online broker offering financial services in various financial instruments
The same website contains an exhaustive list of the official FXTM addresses, such as Cyprus, South Africa, and the United Kingdom. You can also find other locations in the Republic of Mauritius.
So, it is not a question of pining the company to a financial regulatory perimeter. Every address provided on the site has a verifiable SEC indexing, marking FXTM as a registered broker.
Regardless, the company is starkly inoperative in the United States, inexplicably so as per the information on the official website.
Also, the server is unresponsive to the terms of service page (aside from the Marketing and Community Policy Statement in PDF), which could affect public perception of the transparency of FXTM.
There is also the little matter of reminders that you could lose your money interjected between paragraphs. (It could deter newbies)
On the positive side, though, you can earn profits on the side by working as an affiliate. In this case, you get a unique URL link and other widgets for running a $50 reward referral stint. Both you and your referral get $50 each in this program, provided that you two meet the prelims/requirements.
Check the section below for FXTM availability.
Reception, User base, Supported Payment Systems
The brand is the favorite of more than two million (2,000,000) users, being present in at least one hundred and fifty (150) countries, as we mentioned at the start of our FXTM Review.
It has recognition from World Finance (Best Trading Experience, 2021) and others.
Supported Payment Systems
Our FXTM Review finds that the platform supports multiple payment media, albeit without deferring to any Defi fad. Below are some of the pay structures:
- WebMoney, and
Other options include Local Transfers and Bank Transfers.
There is also a copious choice of Current Exchanges paired off in EUR/USD and XAU/USD. Here is a clip below
FXTM Trade Accounts: Do you need a large deposit to enter?
Of course, you do not need to deposit more than the rudimentary amount to start trading on this platform since you can access tiered accounts.
Our FXTM Review finds three levels for all traders on the website (there is no evidence of preferential treatment on the backend, at least). You can opt for any of the following accounts.
Micro entry-level account
It only requires you to deposit a small amount of money but gives you less access than the higher-tiers.
Advantage (nominally the preferred account)
It gives you all the features for little subscriptions. Further, if you are good at trading currencies (across several assets), you can skip the entry account for this level.
Advantage Plus (comes with all-around offering)
If the previous options seem less than par for experienced traders, they can be set aside for the Advantage Plus plan. Being a plus tool, it promises better optimal features than other FXTM trade accounts in practice.
FXTM Data Protection/Collection/Enquires
Like most trading agencies, the FXTM brand, a subsidiary of Exinity Ltd Company, collects clients’ data for various reasons.
Although our FXTM Review does not find any functional brand of the platform in the US, the due diligence on data curation disclosure is a huge positive score for FXTM. You can request any details unstated in the Marketing and Communication Policy Statement from the Data Protection Officer, email@example.com (the mailing link).
However, the reasons for collecting clients’ data may not sit well with many traders, who might protest spam (be it newsletters or affiliate promotional). Below is a brief look at the pros and cons of FXTM.
FXTM Review: Pros & Cons
At a glance, below are the obvious good sides of FXTM.
No charges on account deposits
No fees on withdrawals (though not for all withdrawal preferences)
It gives due notifications on pricing.
The Customer Support is commendable.
Moreover, you can customize the interface on your dashboard and trade charts.
Here are the Cons below
Although newbies can easily get the hang of the interface, they may find it drab.
FXTM seems too remiss on the double verification criteria for logging in to accounts.
Besides the minor issue with the display on the FXTM platform, the company might need to cut down on the newsletters.
Moreover, there is the issue of pricing for high-tier accounts.
FXTM Review: Verdict, Is it Legit?
Yes, the platform is a legit forex broker.
So far, the only limiting factors on usability are the highlights in the cons above. Bar pricing and unelaborate UI, the platform may need to work on the verification pass since security is optimum in forex trades.
Moreover, there is a frequent refrain about the complications of trading any CFD variants. UK residents, in particular, may not access any quotes tied to crypto assets. By implication, every crypto index on FXTM is off the menu for such traders.